In this month’s edition of the Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.
Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.
Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.
Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts “near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing.” In further good news, he noted “mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market.”
Yun reminds us, however, that “just like the weather, there are large local variations in home prices” and sales. Let’s take a look at the yearly totals for Huntsville and Madison Counties in 2007 to see what the market looked like when compared with 2006:
Huntsville/Madison County Market Statistics
|
Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price SqFt |
|
2007 |
6,188 |
$200,398 |
$197,245 |
98% |
79 |
$88 |
|
2006 |
6,368 |
$186,412 |
$184,037 |
99% |
81 |
$84 |
If you are planning to buy or sell a home in 2008, or if you want to learn more about Huntsville AL real estate, please contact me at 256-508-0211or visit MoveToHuntsville.com. To begin searching for Huntsville AL homes, please use my complimentary MLS search.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.